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- The IMF has commented connected the determination to region Nigeria from countries owing the money aft indebtedness payments
- Nigeria afloat repaid the $3.4 cardinal IMF COVID-19 indebtedness obtained nether the Rapid Financing Instrument successful 2020
- Despite the repayment, Nigeria inactive owes astir $30 cardinal annually for 4 years successful Special Drawing Rights (SDR) charges
Legit.ng journalist Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
The International Monetary Fund (IMF) has confirmed that Nigeria has afloat repay the $3.4 billion COVID-19 fiscal enactment received nether the Rapid Financing Instrument (RFI) successful April 2020.
The repayment led to the removal of Nigeria from the IMF's database of debtor countries, pursuing the afloat colony of its outstanding recognition obligations to the Fund.
There person been mixed reactions to the assertion of afloat repayment of the IMF loan, which the presidency has wide celebrated.
Source: Twitter
The Fund, connected Thursday, May 8, successful a connection connected behalf of the IMF’s Resident Representative for Nigeria, Christian Ebeke, confirmed that the repayment was completed connected April 30, 2025.
The IMF stated:
“As of April 30, 2025, Nigeria has afloat repaid the fiscal enactment of astir US$3.4 cardinal it requested and received successful April 2020 from the International Monetary Fund (IMF) nether the Rapid Financing Instrument to assistance alleviate the interaction of the COVID-19 pandemic and the crisp autumn successful lipid prices."But contempt the confirmation, the authorities is inactive indebted to the multilateral organisation to the tune of astir $30 million, which is the Special Drawing Rights (SDR) charges, DailyTrust reports.
The $30 cardinal is equivalent of N48.2 cardinal which would beryllium paid annually implicit 4 years arsenic charges connected the loan. This would magnitude to implicit N190 billion.
Data obtained from the IMF’s website indicates that Nigeria’s full complaint for 2025 is expected to scope SDR 22.35 cardinal (approximately $30.24 million), with payments scheduled crossed May, August, and November.
Source: Twitter
IMF's connection added:
“Nigeria is expected to honour immoderate further payments successful the signifier of Special Drawing Rights charges of astir US$30 cardinal annually.“In enactment with the IMF’s Articles of Agreements, these charges, levied astatine the SDR involvement rate, which is updated astatine the opening of each week, use to the quality betwixt Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion) "The nett outgo of the charges stops erstwhile Nigeria’s SDR holdings scope the cumulative allocation amount.”The SDRs are supplementary overseas speech reserve assets defined and maintained by the IMF which correspond a assertion to currency held by IMF subordinate countries for which they whitethorn beryllium exchanged.
Nigeria’s indebtedness to World Bank rises
Earlier, Legit.ng reported that the national authorities secured six caller loans of astir $2.23 cardinal from the World Bank successful 2025.
According to information from the World Bank, the caller borrowings volition bring Nigeria’s full indebtedness to the World Bank to $9.25 cardinal successful 3 years, showing a continued dependence connected outer backing to enactment captious sectors of the economy.
A breakdown of Nigeria’s indebtedness approvals from the planetary fiscal instauration since 2023 nether President Bola Tinubu shows a important summation successful backing commitments.
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Source: Legit.ng
